Our first flip in Pearl MS

[Dustin Lunceford]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $50,000
Cash invested: $10,000
Sale price: $81,000

We purchased the property after the previous owner began renovating the property and ran into issues. We completed the renovations including landscaping, paint, roofing repairs, repairs buckled flooring, and other small updates. We accepted an all cash offer after the property had been on the market for about 2 weeks and closed 2 weeks later.

What made you interested in investing in this type of deal?

We had been studying and learning about investing. When we learned about the deal we knew the renovation would be light, and it would provide a chance to go through the process of flipping a house without doing a large renovation. We decided the scale of the deal was one we would be comfortable with for our first flip.

How did you find this deal and how did you negotiate it?

We found the deal through a local investor network. We negotiated the deal directly with the seller.

How did you finance this deal?

We financed the deal 100% through a private money loan.

How did you add value to the deal?

We added value by updating the paint colors, improving the curb appeal, and repairing structure concerns.

What was the outcome?

The outcome was we sold the property for a profit to a very nice woman whose granddaughter could not have been happier to have "her own room."

Lessons learned? Challenges?

We learned that we could weather the ups and downs that come along with renovating a home. We had rain quite a bit and the exterior painting took longer than originally planned.